Maroc - NEWSDAY.CO.TT - A la Une - Aujourd'hui 07:14

Tancoo on FATF bill amendments

Finance Minister Davendranath Tancoo says TT will soon have a strong legislative framework to address white collar crime with the passage of new legislation based on recommendations from the Financial Action Task Force (FATF). Tancoo was speaking in Parliament on September 19 during the second reading of three bills he said would close legal loopholes and bring TT closer in compliance to FATF standards. “TT will have a robust legislative framework to properly deal with proceeds of crime, including cross border activities and the kind of white collar crime that has already robbed this nation of billions of dollars, and destroyed thousands of lives.” He described the bills as crucial and added it is more than just an administrative issue. “It is in fact crucial reform for TT’s anti money laundering and counter terrorism financing regime. Tancoo stressed the amendments significantly enhance transparency, accountability and integrity within TT’s financial sector. He noted TT risks damaging its international reputation if it fails to pass the bill and adopt the FATF recommendations. He added the amendments, which affect more than a dozen pieces of current legislation, have significant effects on “the protection of our financial system, our international reputation and ultimately our economy and the welfare of our people.” “The passage of this bill is a crucial and substantial initiative by the government to fortify our legal and regulatory framework against money laundering, terrorist financing and proliferation financing.” “Without the amendments our financial system will remain vulnerable and capable of being exploited. “It is therefore critical we act with haste to ensure we are not used as a conduit and remain exposed to sanctions.” Tancoo said the passage of the law comes as TT prepares to face a rigorous evaluation process to ensure it is compliant with international regulatory standards. In March 2026, TT will host the fifth-round on-site mutual evaluation by the Financial Action task force. He warned the evaluation is not a routine administrative exercise. “It is a searching, rigorous and demanding assessment of how effectively our nation complies with global standards on anti-money laundering, counter terrorist financing and counter proliferation financing.” He described the bill as a lifeline and noted the country knew from “hard experience” the cost of the failing to meet FATF standards. “TT, in the past, faced scrutiny… We know what it means to be viewed as a jurisdiction with strategic deficiencies. “Such a label is not merely symbolic. It reflects our ability to maintain corresponding banking relationships and raises the cost of international transactions. It discourages foreign direct investment, and it undermines confidence in our financial system. “Every exporter, every importer, every citizen who seeks to send or receive international payments is put at risk when our financial system is not trusted.” He said TT “cannot go back down that road again,” and added the government is “taking every possible action to achieve full legal compliance and to ensure that our financial systems are never again compromised by the failures that existed before April 2025.” Wrapping up his contribution to the debate, Tancoo said the passage of the bills is not the end of the journey but rather the start of a critical and crucial foundation. “It is the foundation upon which we must build effective implementation, rigorous supervision, and decisive enforcement. “Without it our evaluation will be doomed to failure, with it, we have the legislative tools necessary to show progress, demonstrate compliance and secure our nation’s future.” At the end of the debate, the umbrella bill known as the Miscellaneous Provisions (FATF Compliance) Bill, 2025 which gives effect to the obligations of TT, under the Financial Action Task Force (FATF), was sent to the House Committee to be determined clause by clause. When this was completed, the Bill – as amended – was reported to the House. A division was then called for by the Opposition, at the end of which, 27 Government MPs voted "aye" while seven Opposition MPs abstained from voting meaning the bill was passed by simple majority. The post Tancoo on FATF bill amendments appeared first on Trinidad and Tobago Newsday.